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Chinese pork firm executives get $597 mn reward for Smithfield deal

Chinese pork producer WH Group has issued shares worth $597 million to two of its executives as a reward for their contribution in the acquisition of US giant Smithfield Foods, a company filing showed. WH Group, formerly known as Shuanghui International Holdings, is the world's largest pork producer, and the company is seeking a Hong Kong listing to raise more than $5 billion in what would be the world's biggest initial public offering (IPO) for a year.

China's WH Group, world's biggest pork company, plans to raise up to $5.3 billion in IPO

HONG KONG - China's WH Group, which became the world's biggest pork company after buying Smithfield Foods of the U.S. last year, said Monday it plans to raise up to $5.3 billion in an initial public offering on the Hong Kong Stock Exchange. Most of the money will be used to pay off the debt used to buy Smithfield. The acquisition turned the Chinese company into a global butcher with the ability to source cheaper hogs from the U.S. to better supply rapidly growing demand for pork in China, the world's second largest economy.

China's WH Group, world's biggest pork company, plans to raise up to $5.3 billion in IPO

HONG KONG - A Chinese company that is the world's biggest pork producer says it plans to raise up to $5.3 billion in an initial public offering on the Hong Kong stock exchange. WH Group said late Monday that it is selling 3.65 million shares priced at between 8 and 11.25 Hong Kong dollars ($1.03-$1.45). That would raise between $4.1 billion and $5.3 billion for WH Group, formerly known as Shuanghui International Holdings. The company is a pork behemoth after buying the largest U.S. pork company, Smithfield Foods Inc., less than a year ago for $4.7 billion in cash.

ConAgra quarterly profit beats analysts' lowered expectations

(Reuters) - ConAgra Foods Inc's <CAG.N> quarterly profit beat analysts' lowered estimates and the maker of Hunt's tomato ketchup and Slim Jim beef jerky maintained its full-year earnings forecast. The company last month cut its fiscal 2014 profit forecast for the second time, blaming weak sales in its private-label business and a steeper-than-expected fall in sales of its own brands.

ConAgra quarterly profit beats analysts' lowered expectations

(Reuters) - ConAgra Foods Inc's <CAG.N> quarterly profit beat analysts' lowered estimates and the maker of Hunt's tomato ketchup and Slim Jim beef jerky maintained its full-year earnings forecast. The company last month cut its fiscal 2014 profit forecast for the second time, blaming weak sales in its private-label business and a steeper-than-expected fall in sales of its own brands.

Russia says needs more guarantees to allow U.S. pork imports

MOSCOW (Reuters) - Russia needs more guarantees to allow the U.S. pork imports from two subsidiaries of producer Smithfield Foods Inc, Russia's veterinary and phytosanitary watchdog (VPSS) said on Tuesday. Russia banned most meat imports from the United States early last year because of concerns over the use of the feed additive ractopamine. The country previously planned to resume pork imports from the United States from around March 10.

Pork producer Smithfield asks contract growers to phase-out gestation crates for pregnant pigs

SMITHFIELD, Va. - Smithfield Foods is recommending that its contract growers phase out the practice of keeping female hogs in small metal crates while pregnant. The world's largest pork producer said Tuesday that it is asking the growers to move pregnant sows from gestation crates to group housing by 2022. Smithfield has been criticized for continuing to breed sows in the crates that severely restrict the animals' movement.

Settlement reached in 2008 California slaughterhouse probe that led to school lunch beef scare

CHINO, Calif. - Several California slaughterhouses and meat-packing facilities have agreed to a multimillion-dollar settlement after allegations of inhumane treatment at their facilities led to a massive beef recall that included meat sold to the National School Lunch Program. The settlement is valued at $155 million, but the federal government and the Humane Society of the United States expect to collect only about $3 million under terms announced Wednesday.

Exclusive: Merck works toward bringing Zilmax back to U.S., Canada

By P.J. Huffstutter CHICAGO (Reuters) - U.S. drugmaker Merck & Co plans to resume sales of the controversial Zilmax animal feed additive in the United States and Canada after it completes an audit of how the product is used, a spokeswoman said on Tuesday.

Smithfield agrees to takeover by China's Shuanghui

Shuanghui International won the largest ever Chinese takeover of a US company Tuesday when shareholders of pork giant Smithfield Foods approved its $7.1 billion offer. The deal locks in for Shuanghui and the giant Chinese market a strong supply from the world's largest pig raiser and pork processor. Smithfield said the deal received 96 percent of the votes cast at a special shareholders meeting, despite an earlier challenge by a key investor arguing that it undervalued Smithfield.
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